Singapore non-oil exports jump 24.2% on AI demand

Singapore's non-oil domestic exports rose 24.2 percent in July, Enterprise Singapore said Monday, as demand linked to artificial intelligence lifted electronics shipments.

The increase followed a 20.8 percent rise in June. Enterprise Singapore said electronic shipments grew 112 percent in July, after rising 105.1 percent in June.

Disk media products recorded a 339.1 percent increase, while integrated circuits rose 120.8 percent and personal computers rose 84.5 percent, the trade agency said.

Non-electronic exports fell 2.3 percent. Pharmaceutical exports dropped 56.7 percent, petrochemicals fell 22.5 percent and food preparations declined 17.9 percent.

Singapore's government raised its 2026 growth forecast earlier in August, citing strong demand for products linked to artificial intelligence. It has said global AI-related demand is expected to help cushion the economy from the impact of war in the Middle East, while AI investment has been stronger than expected and the wider global economic impact of the Iran war has been less severe than initially feared.